BT 2000 Annual Report Download - page 55

Unrealised gains on the above share options at 31 March 2000, based on the market price of the shares at that date,
excluding the employee compensation for the special dividend which is discretionary in respect of directors' share options,
were as shown below:
Options exercisable Options not exercisable
Unrealised gains Unrealised gains
Number of
shares
2000
£000
1999(a)
£000
Number of
shares
2000
£000
1999(a)
£000
Sir Iain Vallance 82,487 673 538 ± ±±
Sir Peter Bon®eld ± ±± 6,460 59 48
R P Brace 78,540 589 460 5,208 44 35
B Cockburn ± ±± 3,330 22 16
(a) Based on options outstanding at 31 March 1999 and the market price of the shares at that date.
The market price of the shares at 31 March 2000 was 1,175p (1999 ^ 1,011p) and the range during the 2000 ¢nancial year
was 889p to 1,513p.
Details of the company's ordinary shares provisionally awarded to directors, as participants under the ESP and PSP
(note 30 to the ¢nancial statements), are as follows:
Total number of award shares(a) Range of value of award(d)
1 April
1999 Awarded Vested
Dividends
reinvested
31 March
2000
Minimum
£000
Maximum
£000
Sir Peter Bon®eld 318,840 65,361 ± 6,006 390,207 589 4,585
R P Brace (b) 299,523 32,004 65,724 4,151 269,954 408 3,172
B Cockburn (c) 84,016 44,625 29,878 1,492 96,935 ± 1,139
Sir Alan Rudge (b) 126,610 ± 78,874 744 48,480 114 570
Total 828,989 141,990 174,476 12,393 805,576 1,111 9,466
(a) Excluding shares purchased by each director and held under the ESP (see page 53).
(b) On 2 August 1999, total awards of 65,724 and 78,874 shares under the ESP vested in Robert Brace and Sir Alan Rudge, respectively. The ®ve-year
performance cycle for those awards ended on 31 July 1999 and, on the basis of BT's TSR position against the FT-SE 100, 100% of the shares under
award, including reinvested dividends, vested. The value of those shares on the vesting date was £694,966 for Robert Brace and £834,014 for
Sir Alan Rudge.
(c) On 2 August 1999, an award of 29,878 shares under the PSP vested in Bill Cockburn. The three-year performance cycle for that award ended on
31 July 1998 and, on the basis of BT's TSR against the FT-SE 100 at the end of the three-year cycle, 90% of the shares under award, including
reinvested dividends, vested. The remaining 3,320 shares under award lapsed. Under the rules of the PSP, vesting of the awards must take place
within the two years following the end of the performance cycle. The value of those shares on the vesting date was £315,930.
(d) For the ESP based on the market value of the company's shares at 31 March 2000. The minimum ®gure represents those shares held at 31 March
2000 which will transfer to each director at the end of year ®ve of the plan (2000 to 2004). The maximum ®gure represents all shares held at
31 March 2000 which will transfer to each director at the end of year ®ve of the plan (2000 to 2004) provided the corporate performance measure
has been fully met. Normally, shares will transfer only if the individual is still employed by the group. However, the plan gives discretion to preserve
awards of shares after retirement.
Report on directors' remuneration
54 Annual report and Form 20-F